Earlier this week, the Institute of Professional Auctioneers & Valuers (IPAV) for Ireland published their ‘Residential Property Price Barometer’, which gives a breakdown of prices for two-bed apartments, three-bed semis and four-bed semis across every county in Ireland.  According to this most recent research, the cost of  an average family home in Dublin is now €527,894 – more than double that of the national average three-bed at €253,466.   Wicklow remains the most expensive area outside of Dublin, followed by Kildare and Meath.  Counties Longford, Sligo and Leitrim recorded the lowest house prices nationally.

The current average prices for County Wicklow and County Wexford are as follows:

On average, two-bed apartments in County Wicklow are coming in at €202,750, the highest apartment prices outside of Dublin by quite a significant margin.  Three-bed semis are achieving an average of €275,591, while four-bed semis are making €344,036.

Similarly, across County Wexford, two-bed apartments are achieving an average sale price of €83,334, with three-bed semis making €145,000 and the four-beds getting, on average, €171,667.

The stand-out surprise is the unexpectedly strong performance of Wicklow apartments.   Of course, we know that lack of available stock – in particular, houses –  and delays with any new stock coming to the market is still the driving force behind the rising prices.  Construction across the country, including the South East region, is nowhere near the level required at this stage.  While the industry is set to deliver up to 20,000 homes per year by 2018 (which is up from just 12,666 in 2015), this is not happening quickly enough to meet current or immediate demand within the commute region.

As we watch for the delivery of new homes, it is worth reflecting on changing buyer trends in recent years.  For example, here at Kinsella Estates, we can see that house-hunters have never been more organised, better researched or as familiar with the market as this current generation of buyers are.  They are knowledgeable and well-informed, however, their expectations of quality and energy efficiency are much higher than their predecessors and developers need to be mindful of this.

With such a dearth of new homes available, particularly here in South Wicklow and North Wexford, it makes sense for home buyers – whether they are looking for their first home, trading up or perhaps downsizing by the coast – to consider purchasing a second-hand home.

Traditionally, September has always been the height of the selling season.  Over the past decade, the market has definitely become less seasonal and more opportunistic.   The reality is that homes coming to the market locally are being presented to known buyers.  Through our offices in Carnew and in Gorey, we know buyers who have been looking for the last few months and when we visit a home to appraise it for sale, very often, we have a good idea of who the buyer is likely to be.  This can help speed up the sale process, which is good news for the seller, but more importantly, by knowing the buyer, their budget and their capacity to close the deal, we can add a greater degree of certainty at a time when sellers need it most.

If you are considering selling in the South Wicklow and North Wexford areas, call into one of our offices (located in Carnew and Gorey) and chat to any of our expert team or you can contact us online at kinsellaestates.ie.  We are happy to facilitate overseas buyers and sellers via Skype or similar, outside of regular office hours.

 Alternatively, email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718       

The latest round of Irish residential property price changes has just issued from the Central Statistics Office, or CSO, and the trend from the last few months continues.  While average prices nationally are up 11.6% year on year, prices outside of Dublin are growing at a faster rate than they are around the capital.  The breakdown is as follows: property prices throughout the rest of Ireland (i.e. not including Dublin) were 11.8% higher in the 12 months to June, with the increase for Dublin 11.1%.  This puts annual inflation at 11.6%, which is the fastest pace in two years.

When we look further into those average figures, it appears that the South East region (including Wicklow and Wexford) showed the greatest house price growth with an increase of 16.7% – almost double that of the Mid West and significantly above Dublin rises.

In terms of recovery, prices in the South East region have increased in excess of 50%  since the recovery began in 2012/2013; however, they remain approximately 35% below peak/2007 prices.  RTE and Irish Times commentary on current Irish house price inflation attributes the pick-up to “the robust economic recovery”, increased mortgage lending, relaxation of the Central Bank deposit rules for home buyers and the Help-to-Buy (HTB) scheme – which, incidentally is under review and in threat of being axed.

If all this talk about rising house prices locally has made you think about selling, you might be interested in the following article:  How to Know When it’s the Right Time to Sell

If you are considering selling in the South Wicklow and North Wexford areas, call into one of our offices (located in Carnew and Gorey) and chat to any of our expert team or you can contact us online at kinsellaestates.ie.  We are happy to facilitate overseas buyers and sellers via Skype or similar, outside of regular office hours.

 Alternatively, email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718       

Market update

You might have seen the latest Daft.ie quarterly report all over the news and across social media in the last few days; the headlines were along the lines of ‘Property prices could rise for the next 10 years’.  House prices are up an average of 6% over the past six months.  Once again, it’s good news for sellers but not so much for buyers. According to Daft’s second report of the year, house prices country-wide are up 46% from their lowest point in 2013.

In fact,  a report on the average amount that first-time buyers across Ireland must pay as a contract deposit revealed that South Dublin is the most expensive area (unsurprising), with the average buyer requiring an average €56,300 in cash.  Roscommon is the least expensive county for first-time buyers with the average first-time buyer requiring just €13,000.  The required figures for Wicklow and Wexford are €31,484 and €19,753 respectively.

New landlord/tenant regulations

But for investors, it was a week of changes with new regulations coming into effect on July 1st.  This new legislation  means that landlords will need to deliver a higher standard of accommodation, particularly  in the area  of safety.  To meet the new fire safety standards, every rented house or apartment must be equipped with a working fire alarm system and a fire blanket.  This also applies to the communal areas of multi-unit buildings, which must have working emergency lighting.

In relation to air quality, all houses and apartments need to have a functioning (regularly maintained) carbon monoxide alarm and proper ventilation systems in the kitchen and bathroom.

In the kitchen, every home must have a ring hob with oven and grill, a microwave, an extractor fan, a fridge/freezer, a sink with drinking water, adequate storage and access to laundry facilities.

One big change is that pest control  and dealing with any vermin (it happens!) is now the responsibility of the landlord.

One to consider

With landlords needing to supply a higher quality of property to tenants and with first-time buyers who don’t qualify for the help-to-buy scheme finding opportunity in modern, second-hand houses,   we have a great three-bed house on offer, just a five-minute walk from Gorey’s Main Street.  This is a great, family-home type property and garden in excellent condition.  With an asking price of €165,000, this property will suit a family or a landlord for letting to a family at an approximate rent of €900-€950 per month.

21 Charlotte Grove, Gorey, County Wexford:

http://www.daft.ie/wexford/houses-for-sale/gorey/21-charlotte-grove-gorey-wexford-1444131/

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie . 

Email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718          

The Irish Times ran a series of articles recently about returning emigrants trying to buy property in Ireland.  It was targeting those recently returned and those who are planning to return over the next few years.

We know from local experience here in counties Wicklow and Wexford that the most recent wave or generation of emigrants (circa. 2008 to 2013) are already starting to return to Irish shores, having amassed experience and savings during their time abroad.  For the overwhelming majority of people, returning to Ireland is inevitable.  Speaking with people is this position, they usually want to return home around the time they are ready to start a family, or if they already have children, they tend to plan their return around important milestones like starting school or secondary school.

Certainly, they are returning to a healthier economy and jobs market, but there can be no doubt that the everyday property market is much more difficult for buyers and renters now than when they left.

While some return to the market as cash buyers (including first-time buyers), most need to get some portion of finance.  If you think it is difficult to deal with the appointments, application forms, receipts and scattered paperwork of applying for a mortgage, just imagine the difficulties trying to do this from outside of Ireland!  While banking has moved online, property is still relatively old-school and initial sit-down meetings with a financial advisor or in-branch mortgage manager is still the start of the mortgage application process.  That is not to say arranging a mortgage, or approval in principle (AIP) from abroad is impossible, however, the reality is that it is more complicated.

Mortgage applicants in this position are not treated like ordinary, local homebuyers, nor are they treated like residential investors (which is only appropriate); essentially they are the modern hybrid buyer.  They are unlikely to secure 90% mortgages, on the other hand, most do not need 90% LTV.

Remote buyers can expect to access approximately 50% but rarely in excess of 70% LTV. One unfortunate aspect here is that property prices are increasing at a faster rate than would-be buyers can grow their savings.

Also, it must be pointed out that overseas residents are not eligible for the help-to-buy scheme for first-time buyers purchasing a newly built home (although news reports this week suggest that this scheme might be axed shortly as it drove up property prices rather than stimulated new supply – on this not, if you are based in the South East and eligible for the scheme please do contact us here at Kinsella Estates to get a list of our new homes, just 45 minutes from South Dublin).

One area of confusion is the new EU directive that restricts foreign lending.  This has made it more difficult for mortgage applicants outside the euro zone or not earning income in euro, notable exceptions are made for expats in the UK, Australia and Canada.  Ulster Bank, AIB and Bank of Ireland are the main banks lending to returning expats, with Permanent TSB opting for euro zone customers only.

Overseas buyers who are able to access funding should expect to pay interest rates as high as 4.95%, which is considerably higher than the 2.9% rate enjoyed by most first-time buyers already living here.

For many, it might seem foolish to go through the effort of trying to find the right property and then to organise a mortgage while overseas; however, returning home usually means starting a new job, which effectively resets the mortgage counter and you might find yourself waiting a further 12 months before your applicant will be considered. 12 months is a long time in the overheated rental market right now.

Over the past few years, the team here at Kinsella Estates have been working with returning buyers; putting them in touch with mortgage brokers and lenders, helping them to understand the changed market locally and walking them through the purchase process.  We understand the challenges and always work to accommodate such buyers through virtual house viewings, out-of-hours Skype calls or whatever is needed.  If you are in this position, please do talk to us.

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie . 

Email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718                 

Don’t you just love when summer arrives right at the moment it’s due?

It’s certainly a rarity in Ireland – although here in Ireland’s sunny South East we can boast the most hours of sunshine per year compared with any other part of the country.  That is probably why sales transactions soar in summertime.  In fact, in last weekend’s Sunday Business Post newspaper, a report on commuter counties placed both Wicklow and Wexford high on the list of buyers’ destinations, with recorded increases of 17% and 13% respectively.  Carlow, Kilkenny and Waterford have all seen reductions in demand over the last 12 months.  This makes for an interesting time in South Wicklow and Wexford county right now as demand increases by supply has yet to catch up.  House-hunters, especially those looking for family homes will need to widen their search areas/criteria and be prepared to engage in competitive bidding.

The real opportunity exists for sellers of second-hand homes and those thinking about bringing a residential property to the market over the next few weeks and months.

For existing sellers who are waiting for the right buyer to come along, it might be worth going through the tips below and freshening up their homes and perhaps update the property listing and photos online.

Tips for summertime property sellers:

1. The notion of ‘kerb appeal’ is a cliché but that doesn’t make it any less relevant. The initial impression that your home creates as a potential buyer pulls up is difficult to change so it’s important that the impression is the best one possible.   This applies to the photos that appear online also.  They should be clear, bright and clear of clutter.

2. As a rural estate agency, we understand the importance of giving good, clear directions to your home. Eircode has not been hugely successful but marking properties on a digital map makes it easy for house-hunters to use GPS when arriving for a first viewing. That’s our job.  As the seller, it’s your job to ensure that if your property has a house name or number, that it is clearly marked.  If would-be buyers get lost trying to find your property, by the time they arrive, late, they will be too stressed and frustrated to fully appreciate the presentation of your home.

3. The front door should be thoroughly cleaned or freshly painted and clear of dust and cobwebs. Choose the colour well, be sure to reflect the tone of your home for example, yellow for youthfulness, blue for calm and red for a warm welcome!  If possible, the entire front of the house should be freshened up but we understand that this is not always possible.

4. Following on from the point above, if resources are limited, allocate them wisely; concentrate on the areas that will have the most impact. For example, wash the windows and scrub or repaint window frames.

5. Tidy the front garden, sweep pathways, trim hedges and pull weeds. If flowers are not an option, invest in a few well thought out planters to add colour and to create an abundant feel.  Put wheelie bins away, out of sight if possible.

6. Treat your entrance like a room of its own with a good design, clutter-free, and with some light furnishing or focal piece – like a hall table with flowers (and nothing else!).

7. Once inside, continue the fresh, clutter-free theme and remove unnecessary, bulky furnishings. In fact, this might be the right time to start preparing for your impending move.

Here at Kinsella Estates, we offer a free sales appraisal and with this, we offer key suggestions about how to best present your property to suit the type of buyer your home is likely to attract.  Contact us directly to discuss your home and to arrange an appraisal.

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie . 

Email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718                  

It’s that time of the quarter again, lots of property news, results and price reports.  Daft.ie and MyHome.ie are showing average property price increases of almost 10% nationwide.  While the average increase is lower across County Wicklow, this is likely due to fewer transactions and those transactions are coming from an already-high value base.  County Wexford is picking up speed  and this has been one of the busiest quarters that we have seen in years.   In general, house prices are up 40% since the bottom of the market – which is great news for sellers and home owners whose property might be in negative equity but not so good for house hunters.

Added to the usual run of house price news, KBC Bank have published their Homebuyer Sentiment survey.  These type of survey is few and far between as ‘sentiment’ is more difficult to measure than percentages or euro, but the findings are usually more interesting.  And this one doesn’t disappoint.  Key findings include the following:

• Only 49% of Irish consumers are content with their current housing
• 23% are not in a position to purchase despite wanting to
• 28% are considering buying  within the next two years, with half of these actively house hunting
• Of those currently ready to buy,  less than a quarter are investors while the remaining buyers are an equal mix of first-time buyers and those trading up or down

The phrase ‘pent-up demand’ has been thrown around since the confusing days of 2011/2012 and the effects of this have been felt in the market for a few years.  Usually we think in terms of people who are either  looking to buy or to sell; this survey includes homeowners who are trapped in unsuitable and inappropriate housing.

Interestingly, the survey estimates (based  upon  their random sampling) that there are approximately 70,000 would-be buyers ready to hit the market, with a total anticipated demand of 300,000over the next two years.  While we have sufficient zoned land  in parts of County Wexford to deal with short-term future development, the same cannot be said for most of County Wicklow.

All of this activity and these findings are reinforcing the trend for home buyers to look further from the Capital as  they search for their future home.  Improved road infrastructure right through Wicklow from the M50 to Gorey, just over the Wexford border, makes a 45 minute commute possible from  smaller towns like Carnew, Shillelagh and Tinahely.  For people looking for a coastal home, Riverchapel, just outside the seaside town of Courtown, will be an increasingly attractive location.

To view a selection of the properties currently available, visit kinsellaestates.ie

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie .  Alternatively, you can email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718 to arrange any viewings.

C. 40.5 Acre (16.4 Hectare) Non Residential Roadside Farm
At Shielstown, Knockananna, Arklow, Co.Wicklow.

The farm is laid out in 1 block of permanent pasture with the exception to C. 4 Acres which is in need of reclamation. The lands are well fenced and offer an opportunity to accommodate a variety of agricultural uses and are divided into equal sized divisions.

The lands have the benefit or two water supplies, one being a fresh water supply via a never failing stream. The farm also has extensive road frontage 300m approximately to the local road.

Buildings:

– Modern shed built to grant specification
64 x 60 ft (18m x 19.5m)

– Also a concrete holding area
44 x 42 ft (12.8m x 13.5m)

Location: The lands are located only 4.6km’s from Knockananna, 13km’s Aughrim & 13.5km’s from Tinahely

Entitlements: Single farm payment for 2017 will be 2,188.00

Services: Water – well

Directions:

From Knockananna take the Ballygoben road(leaving the 1798 monument on right), continue for 2.5km, take the sharp left and continue for 2km and the farm is on the left hand side.

Maps and further details available here: http://kinsellaestates.ie/property/shielstown-knockananna-arklow-co-wic/

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie .  Alternatively, you can email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718 to arrange a viewing on our qualifying new builds.

Original article by Jim O’Brien, on Independent.ie

The last few weeks of 2016 saw somewhat of a flurry of sales in the auction rooms with good prices achieved, writes Jim O’Brien.

In the southeast, Alan Kinsella of Kinsella Estates Gorey and Carnew sold a 48ac non-residential farm at Ballybuckley, Bree near Enniscorthy in Co Wexford for €662,000 or €13,600/ac.

Located 800m from the village of Bree, the land is about 5km from Enniscorthy and across the road from the well-known Wilton House.

Currently in stubble, the holding is made up of two distinct lots consisting of a 16.15ac parcel with about 300m of road frontage and a 32.33ac parcel with laneway access.

The stubble ground is described by Mr Kinsella as good quality, south-facing land with access from two roads.

At auction, two rounds of bidding saw the amount on offer for the two lots reach a total of €465,000.

The 16.15ac piece opened at €160,000 and with two bidders in the chase, it was making €220,000. The 32.3ac parcel opened at €200,000 and with two bidders in action, it held at €245,000.

Bidding then concentrated on the entire in a sale driven by the two customers who had bid on lot two in the first round. When the amount on offer reached €580,000, Mr Kinsella consulted with the vendor and the property was put on the market at that price.

However, this was far from the end of the story and a further series of bids from three active customers saw the price break the €600,000 mark.

But still the hands kept rising until the hammer fell at €662,000 and a local farmer bought the place for €13,600/ac.

Enniscorthy auction

Staying in Wexford, Frank McGuinness and Michael O’Leary of Sherry FitzGerald O’Leary Kinsella sold a 92ac farm at Fairfield, The Still, Enniscorthy for €1.24m or €13,500/ac.

The holding, which includes a derelict house, has been idle for more than 10 years and will take some works to clear overgrowth and vegetation and bring it back to full farming production.

Auctioneer Frank McGuinness said that although the land is overgrown, it is fundamentally very good productive ground. The place has plenty of road frontage divided as it is by the Enniscorthy to Caim road.

Prior to auction, the property was guided at between €750,000 to €900,000 but on the day it exceeded all expectations.

Frank McGuinness was in charge of the gavel and opened proceedings with a 19ac lot across the road from the main farm. This opened at €150,000 and, with two customers in contention, was bid to €280,000.

The main lot – consisting of 73ac with the derelict house – attracted three interested parties and was bid to a hefty €820,000.

This gave a combined €1.1m for the entire, well ahead of the guide.

Mr McGuinness put the entire to the floor at €1.1m and with two bidders in action it quickly rose to €1.2m.

At this point, a new bidder entered the fray.

With four customers in action, the price rose quickly to €1.24m at which point the hammer fell and the place was bought by a solicitor based in Enniscorthy – believed to be acting for two clients.

Mr McGuinness said that while he was surprised at the price paid, the extension of the M11 to by-pass Enniscorthy and improvements to the New Ross road resulted in a lot of CPO land purchase in the area, hence farmers in the area have spending power.

Alan Kinsella agreed.

“The farmers who sold land for these developments have to spend it on land to avoid paying tax on it so there is more money for land in this vicinity at the moment,” he said.

For specific queries or to speak with a local property expert about your buying and selling needs in Wexford, Wicklow and surrounding areas, contact Michael, Alan or Eileen Kinsella at kinsellaestates.ie .  Alternatively, you can email me directly on michael@kinsellaestates.ie or telephone : +353 53 94 21718 to arrange a viewing on our qualifying new builds.